The global nitrous oxide market size is expected to reach USD 1.65 billion by 2028 according to a new study by Polaris Market Research. The report “Nitrous Oxide Market Share, Size, Trends, Industry Analysis Report, By End-Use (Medical, Electronics, Automotive, Food & Beverage); By Region, Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing application of nitrous oxide from medical, automotive, and semiconductor manufacturing, chemical, and even food & beverage packaging industries are expected to drive demand. The significant pervasiveness of several chronic diseases and the increasing geriatric population globally is expected to fuel higher demand during the forecast period. Its application in the end-use sector, such as semiconductors, premium automobiles, food processing & packaging, is projected to create growth opportunities in the coming years.
The increasing application from the semiconductor and automobile industry has been the present trend. Hence, these two end-use segments are anticipated to be among the fastest-growing segments by the end of the forecast period. Higher definition new display technologies, including the ultra-high definition and OLED, require more elevated amounts of nitrous oxide, and this has been a recent expansion in its demand. Currently, the gas has also been used to manufacture metal oxide transistors replacing conventional silicon-based technology.
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Europe is expected to gain a revenue share over the forecast period on account of its increasing demand from the healthcare sector. Rising cases of chronic disorders due to unhealthy lifestyle among the middle-aged and young population is anticipated to boost the market.
Prominent players operating in the nitrous oxide industry are Air Liquide S.A., Merck KGaA, SOL S.p.A., Matheson Tri-Gas Inc., The Linde Group, Airgas, Inc., Praxair, Inc., KVK Corporation, SS Gas Lab Asia, Promas Engineers Pvt. Ltd., Ellenbarrie Industrial Gases Ltd., and Oxygen and Argon Works Ltd.
Polaris Market Research has segmented the nitrous oxide market report on the basis of end-use and region:
Nitrous Oxide, End-Use Outlook (Revenue – USD Million, 2016 – 2028)
- Food & Beverage
Nitrous Oxide, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa